Patagonia Gold Corp (HGLD)

[NYBob]

Patagonia Gold 2022 Financial Results (HGLD) (TSXV : PGDC)
VANCOUVER, British Columbia, April 28, 2023 (GLOBE NEWSWIRE) --

Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) announces its audited
results for the financial year ended December 31, 2022 (“YE 2022”). The audited
consolidated financial statements for YE 2022, together with the related management’s
discussion and analysis, are available on the Company’s website
https://www.patagoniagold.com
and under the Company’s profile on SEDAR at www.sedar.com .

Highlights

Generated revenue of US$12.3 million in YE 2022.
Produced 6,490 gold equivalent ounces (1) and sold 6,782 gold equivalent ounces (1) .
Spent US$5.4 million for the exploration of key projects in Argentina.
In August 2022, the Company presented the Environmental Impact Study for the
development of the Calcatreu project (the “EIA”). In March 2023, the Rio Negro provincial
Mining Department provided a favorable opinion on the EIA.
The EIA is currently being reviewed by the provincial Environmental Department and it
continues to progress within the administrative framework established by the applicable
authorities for review and approval of such studies.

Completed a 3,102-meter diamond drill program at Tornado/Huracán in the province of
Santa Cruz, Argentina, which encountered anomalous, precious metal mineralization (2) .
Completed a 728.2-meter diamond drilling program at Cap-Oeste, in the province of Santa
Cruz, to obtain samples for metallurgical testing and for mineral resource block model
confirmation (2) .
Completed 1,384 meters of RC drilling at the Abril Project, in the province of Santa Cruz,
Argentina (2) , which encountered anomalous, precious metal mineralization.
Notes:

(1) Consisting of 5,080 gold and 116,286 silver ounces of production and 5,310 gold and
121,184 silver ounces sold, converted to a gold equivalent using a ratio of the average spot
market price for the commodities each period. The ratio for the year ended December 31,
2022 was 82.41:1 (2021 – 73.03:1).
(2) Please refer to news releases issued on May 18 and May 26, 2022, November 16 and
November 29, 2022 and December 22, 2022 (and available on the Company’s website

https://www.patagoniagold.com and under the Company’s profile on SEDAR at
www.sedar.com ) for additional information on drilling at Tornado/Huracán, Capo-Oeste and
April, respectively.

Qualified Person’s Statement

Donald J. Birak, an independent, consulting geologist, Registered Member of SME and
Fellow of AusIMM and a qualified person as defined by National Instrument 43-101, has
reviewed and approved the scientific and technical information in this news release.

About Patagonia Gold

Patagonia Gold Corp. is a South America focused, publicly traded mining company listed on
the TSX Venture Exchange.
The Company seeks to grow shareholder value through exploration and development of
gold and silver projects in the Patagonia region of Argentina.
The Company is primarily focused on the Calcatreu project in Rio Negro and the
development of the Cap-Oeste underground project.
Patagonia, indirectly through its
subsidiaries or under option agreements, has mineral rights to over 430 properties in
several provinces of Argentina and Chile and is one of the largest landholders in the
province of Santa Cruz, Argentina.

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements with respect to, among other things, the review and approval of the EIS, advancement and development of gold and silver projects in the Patagonia region of Argentina, and the anticipated growth in shareholder value. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions.---revise
them to reflect new events or circumstances, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this news release.


Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Corp
T: [phone]
E: [e-mail]
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